The money more than doubles initial investor of about $50 million the company got in June. “The goal of Sapphire is to produce a crude product that can be introduced into the existing crude stream for production costs that are similar to other new opportunities like oil shales, oil sands, and even deep, deep water drilling,” Jason Pyle, Sapphire’s chief executive said in an interview. It says the oil can be used in refineries like normal crude. Sapphire selects and genetically modifies algae to maximize their internal production of lipids, or fats and then squeezes that from algae. The San Diego-based company hopes to make commercial amounts of the fuel in three to five years for a cost of $50 to $80 per barrel. Sapphire Energy "green" crude is seen in an undated handout photo.
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